Proactive Investors - Jersey Oil and Gas PLC (LON:JOG) chief executive Andrew Benitz described its first half as “a pivotal period in the history of the company”.
In today’s interim results statement, Benitz commented: “With the farm-out to NEO Energy completed, the GBA development solution locked down and the licences covering the area extended, we now have a clear pathway to monetising the resource base we have built up over recent years.
“We are encouraged by the collaborative progress being made by NEO and look forward to finalising the acquisition agreements for the FPSO, creating additional value through securing further farm-outs and moving onwards with the various workstreams required to get to Field Development Plan approval next year."
The company finished the six months ending 30 June 2023 with £5.6 million of cash and was debt free.
It additionally has further cash receipts due from Buchan re-development milestones, with US$9.4 million coming upon execution of the project’s FPSO acquisition agreement and US$12.5 million due upon the project’s FDP approval.